Revolutionizing Remittances: MoneyGram and Tencent Financial Technology Join Forces to Streamline Fund Transfers in China

In a major development, MoneyGram International, Inc. has partnered with Tencent Financial Technology to offer consumers in China the ability to receive funds directly into their Weixin Pay wallet through MoneyGram Online. This partnership comes at a time when China ranks third globally as a recipient of remittances, with $51 billion received in 2022 according to the World Bank.

The collaboration between MoneyGram and Tencent Financial Technology aims to meet the growing demand for digital methods of cross-border transfers among China’s large internet user base and increasing use of e-commerce and mobile payments.

John Gely, MoneyGram’s Regional Head, and Royal Chen, Vice President of Tencent Financial Technology met in Shenzhen to discuss business collaborations. Gely highlighted MoneyGram’s customer-centric solutions and its growth to serve over 150 million people globally in the last five years. The partnership with Tencent Financial Technology is aimed at providing a fast, easy, and reliable method for receiving money in a market heavily reliant on remittances.

Chen emphasized the importance of seamless cross-border transactions in today’s interconnected world. Tencent Financial Technology’s Tenpay Global allows users to send money to Weixin users through over 40 remittance partners in more than 60 countries and territories. The partnership with MoneyGram is a step towards strengthening global connections and simplifying remittance processes to be as effortless as sending a message.